Becton Dickinson & Co. (NYSE:BDX) missed the consensus sales forecast for its fiscal second quarter and cut its outlook for the rest of the year, sending its share price down today on Wall Street.
Franklin Lakes, N.J.-based BD pared its losses to -18 million, or -7¢ per share, on a -0.36% sales decline to $4.20 billion for the three months ended March 31. Adjusted to exclude one-time items, earnings per share were $2.59, a penny ahead of The Street, where analysts were looking for sales of $4.24 billion.
“Through the second quarter we have delivered solid revenue growth and operating performance,” chairman & CEO Vincent Forlenza said in prepared remarks. “Our revised fiscal year 2019 outlook reflects recent, near-term regulatory and market pressures related to paclitaxel-coated devices and foreign currency, which will affect our EPS guidance range. We remain confident that our business is strong, fundamentals are in-tact, and we will continue to deliver value to our shareholders and customers around the world.”
BD said it now expects to post adjusted EPS of $11.65 to $11.75, down from $12.05 to $12.15 previously, due to “recent regulatory and market pressures related to paclitaxel-coated devices.” In March, the FDA warned on the risk of increased long-term mortality in peripheral artery disease patients treated with paclitaxel-coated devices like the Lutonix balloon BD acquired along with C.R. Bard in December 2017.
Fiscal 2019 sales are now expected to grow by 8.0% to 9.0%, compared with prior guidance for growth of 8.5% to 9.5%, due to foreign exchange rates, the company said.
BDX shares were off -3.7% to $223.84 apiece today in mid-morning trading.
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